PAMP newsLOCAL AND AROUND THE WORLD

As the first in an unprecedented worldwide series, PAMP and the Royal Dutch Mint are pleased to announce the issuing of the Amsterdam Canal Ring Area euro. Scheduled for a November 19th release, the five and ten euro coins mark the official debut of PAMP's cooperative international coin and medal program with UNESCO to promote its World Heritage sites and numerous global missions.

Completed in the early 17th century, Amsterdam's canal district was the largest urban extension of its time, and helped to transform the city into a bustling cultural center of international trade and educational exchange. As one of the greatest architectural advancements in history, the area was deemed a protected UNESCO World Heritage site in 2010.

For the euro's design, the obverse was crafted with a portrait of Queen Beatrix of the Netherlands set against a background of a world map with fingerprints shaped as continents. The euro's reverse depicts the canal district set against another angle of the world map and displays the coin's value written in Dutch.

The Amsterdam Canal Ring Area euro is a legal tender commemorative coin and the first in a nine-year series of annual releases from the Royal Dutch Mint. The series will follow this year's release by issuing commemorative coins of the Netherlands, Rietveld Schröder House in 2013 and the Mill Network at Kinderdijk-Elshout in 2014. The first three coins in the series are designed by Tine Melzer.

The London Bullion Market Association welcomes the publication today of the World Gold Council’s Conflict-Free Gold Standard. The LBMA supports the work that has gone into developing a common approach that gold producers can use to demonstrate that their gold is produced from operations that are not causing, supporting or benefitting armed conflict.

The LBMA Responsible Gold Guidance formalises and consolidates existing high standards of due diligence amongst all LBMA Good Delivery Refiners. Compliance with this Guidance is required for all refiners producing LBMA good delivery bars in order to remain on the LBMA Good Delivery List.

We are pleased to note that the Conflict-Free Gold Standard has been designed to support refiners in meeting their due diligence requirements. Companies who conform with the Conflict-Free Gold Standard will issue a Management Statement of Conformance. This certificate may be provided to the refiner as supporting evidence to demonstrate compliance with the requirements of the LBMA Responsible Gold Guidance.

This represents another important step in developing industry-led approaches that are compatible and mutually supportive in combating potential financing of unlawful armed conflict. The LBMA is committed to harmonization of requirements with other gold supply chain initiatives. The LBMA is has also agreed mutual recognition of conflict-free audits with EICC-GeSI and the Responsible Jewellery Council. The mutual recognition means audit efficiency for gold refiners as well as the industry as a whole. All three organisations have worked hard to achieve this and are committed to continuing to work together to share lessons learned and support each other’s efforts going forward.

Collectively, these industry-led approaches will support the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas and help different sectors of the gold supply chain ensure that they have the appropriate processes, systems and controls in place to adhere to the Guidance.